EU Agrees to Hike Tariffs on Russian and Belarusian Grain Imports Starting in July

May 30, 2024, 09:49 AM

The European Union has agreed to significantly hike tariffs on grain imports from Russia and Belarus. The EU Council adopted a regulation on May 30 that will impose prohibitive duties on cereals, oilseeds, and derived products from these countries. The new tariffs, set to take effect in July, are expected to effectively halt imports of these agricultural products. This measure aims to curb the Kremlin's revenues amidst ongoing geopolitical tensions. The move is also likely to contribute to higher food inflation.